CALNEVA ACCESS FUND

  • Summary

    Summary

  • Strategy

    Strategy

  • Diligence

    Diligence

  • Team

    Team

  • Record

    Track Record

  • Terms

    Terms

  • Documents

    Documents

  • Invest Now

CalNeva Access Fund LLC

Investment Overview

  • Summary

    Summary

    Fund Overview

  • Strategy

    Strategy

    Investing in Workforce Multi-Family Property

  • Diligence

    Due Diligence

    Independent 3rd Party Fund Diligence Report

  • Our Team

    Team

    Real estate professionals with 30 years of experience

  • Track Record

    Track Record

    Historical IRR over 67%

  • Terms

    Terms

    Summary of Investment Terms

  • Documents

    Documents

    Executive Summary, Presentation, PPM ...

Investment Summary

Fund Type

fund

Multi-Family Property

Targeted Return

13%-18%

Distributions

Quarterly

Min. Fund Investment

$25,000

Hard Close Date

Oct. 13th, 2021 or 99 Investors

Limited spots available to invest


  • Complete Investor Presentation


  • Lauren McKenna of Verivest Interviews David Berneman


  • David Berneman | CEO of Golden Bee Properties

CalNeva Investment Overview

CalNeva Workforce Housing Fund I LLC (“CalNeva” or “CalNeva Fund”) is seeking to raise $30 million to invest in real estate properties that are distressed, underdeveloped, and underperforming workforce multifamily assets specifically in California and Nevada. CalNeva intends to renovate and stabilize each of the properties acquired within the first two years following acquisition. Following each asset’s stabilization, CalNeva intends to realize an increase in the value in approximately 3 to 5 years. CalNeva is targeting investor level returns between 13% and 18%. CalNeva is managed by Golden Z Holdings LLC’s , an affiliate of Golden Bee Properties (“Golden Bee” or the “Manager”) founded in 2011: www.GoldenBeeProperties.com. Golden Bee is a group of vertically integrated companies in property management, real estate brokerage and construction which allows them to have greater access to operational data and input to achieve solid returns. The Manager has achieved a 67% average IRR on properties that have been realized.


  • Performance

    67% Average IRR on Realized Investments
    4.0x Average Cash Multiple on Realized Investments

  • Experience

    Over 30 years of real estate investing experience in multifamily properties
    18 Golden Bee employees

  • Investments

    Golden Bee has approximately $150 million in assets under management

CalNeva Access Fund LLC

CalNeva Access Fund LLC (the “Access Fund”) is raising capital to invest in CalNeva Workforce Housing Fund I LLC (“CalNeva Fund”) which is described below. The Access Fund is raising capital through a “feeder fund” structure called an access fund by aggregating up to 100 investors at a minimum investment of $25,000 each and will invest the capital into CalNeva Fund. Since the Access Fund will aggregate several million dollars, the Access Fund has been able to negotiate to receive a 12% preferred return, as compared to direct investors into CalNeva who will only receive an 8% preferred return. In addition, the Access Fund has negotiated to receive 80% of profits over the 12% preferred return, as compared to direct investors who will receive only 75% of profit over the 8% preferred return.

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Key Considerations

  • Proven Track Record – Golden Bee has garnered a 67% average IRR and a 4x Equity Multiple on realized multifamily investments.
  • Strong Targeted Return – CalNeva is targeting an annualized net return of 13% to 18%.
  • Higher Negotiated Returns - The Access Fund has negotiated to receive a 12% preferred return from CalNeva, as compared to an 8% preferred return for direct investors into CalNeva. In addition, the Access Fund has negotiated to receive 80% of profits over the 12% preferred return, as compared to direct investors who receive only 75% of profit over the 8% preferred return.
  • Attractive Investment Niche – Golden Bee has proven that workforce housing investments can generate significant risk adjusted returns due to a lower than average price per unit and higher than average market cap rates by investing in areas like Los Angeles and Las Vegas with upward growth potential and limited downside risk.
  • Experience – Golden Bee is highly experienced with over 30 years of combined experience with assets under management of approximately $150 million. Golden Bee is a group of vertically integrated companies in property management, real estate brokerage and construction which allows them to have greater access to operational data and input to achieve solid returns.
  • Skin-in-the-Game – Golden Bee will invest 5% of the equity in the fund up to $ 1.5 million.

CalNeva Service Partners


  • Fund Administrator


  • Auditor


  • Tax Accountant


  • Corporate Counsel


  • Regulatory Counsel

Access Fund Service Provider


  • Tax and Accounting Services

Why Invest Through a Fund

  • FAVORABLE FINANCING

    CalNeva will take advantage of a historically low interest rates and favorable financing terms at a time when basic SFR investment fundamentals are showing continued strength.

  • INSTITUTIONAL OVERSIGHT

    As an institutional investment manager, CalNeva will review every aspect and decision related to the acquisition, finance and ongoing operations of the properties.

  • PRUDENT DIVERSIFICATION

    At completion, CalNeva will own Multi-Family properties.

  • PROVEN TRACK RECORD

    CityVest searches for institutional investment managers who have a strong historical track record with IRR returns well over 20%.

Why Real Estate?

  • Diversification

    Real estate investments are considered a non-correlated alternative asset class.

  • Cash Flow & Appreciation

    Stabilized real estate generally benefits from regular and predictable cash flow.

  • Low Interest Rate

    Historically low interest rates may allow real estate to generate higher cash flows.

  • Income Tax Treatment

    Ordinary income can be minimized through the use of an accelerated depreciation strategy that may generate passive losses.

  • Hedge Against Inflation

    Rents, land values and replacement costs typically move upward with inflation.

  • Multiple Exit Strategies

    Real estate assets can be disposed of through individual or portfolio liquidations, asset refinancing, mergers, or a “roll up” through a portfolio capitalization.

CALNEVA OVERVIEW & STRATEGY

CalNeva Fund is seeking investment opportunities in real estate assets, specifically workforce housing and other opportunities and will focus primarily on acquiring, renovating and developing multifamily properties in California and Nevada. The investment management company, Golden Bee Properties, utilizes its localized knowledge of the Greater Los Angeles and Las Vegas areas to acquire $10 to $50 million mid-market investments that are out of reach for smaller firms and ignored by larger institutional investors. Golden Bee’s vertical integration allows them to have greater access to operational data and input from their management team on the ground. Because of this, they can communicate efficiently and problem solve quickly, achieving target returns of 13- 22% and executing value-add business plans to improve, operate, and sell Class B and C workforce housing within three to seven years.

  • Product Types

    Class B & C Multifamily

  • Core Strategy

    Value-Add

  • Pricing

    $2 - $10 million per asset

  • Target Returns

    13% - 22%

  • Transaction Size

    $10 - $50 million Mid-market investment

  • Hold Period

    Three to seven years

  • Market Focus

    West Coast Greater Los Angeles and Las Vegas Areas

Workforce Housing Overview

Workforce Housing is an integral part of today’s American communities. The increasing wealth disparity has made Workforce Housing an ever growing part of the multifamily sector. Workforce Housing is generally defined as housing affordable to households earning between 60 and 120 percent of area median income (AMI). Workforce Housing targets middle-income workers which includes professions such as police officers, firefighters, teachers, health care workers, retail clerks, and the like. Households who need Workforce Housing sometimes qualify for housing subsidized by the Low-Income Housing Tax Credit (LIHTC) program or the Housing Choice Vouchers program (formerly known as Section 8), which are two major programs in place for addressing affordable housing needs. Workforce Housing has been a stable component of Golden Bee Properties’ investment thesis over the past decade and has generated significant risk adjusted returns due to a lower than average price per unit and higher than average market cap rate. Workforce housing targets the <$75,000 annual income working-class demographic – approximately 60% of the US population.


Portfolio Wide Growth In Workforce Housing


Housing Choice Voucher Program

  • Golden Bee Properties partners with organizations like Brilliant Corners, the Housing Authority of the City of Los Angeles, the Salvation Army, PATH LA, and the VA and more to help fill our vacancies with trusted tenants who have access to public housing vouchers or non-profit rental assistance programs quickly. The Manager builds relationships with case workers to help market units to new Section 8 tenants and also transfer tenants to other properties in their portfolio when circumstances change, such as needing a larger unit.
  • The housing choice voucher program is the federal government's major program for assisting very low income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments.
  • The participant is free to choose any housing that meets the requirements of the program and is not limited to units located in subsidized housing projects.
  • Housing choice vouchers are administered locally by public housing agencies (PHAs). The PHAs receive federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program.
  • A family that is issued a housing voucher is responsible for finding a suitable housing unit of the family's choice where the owner agrees to rent under the program. This unit may include the family's present residence. Rental units must meet minimum standards of health and safety, as determined by the PHA.
  • A housing subsidy is paid to the landlord directly by the PHA on behalf of the participating family. The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program. Under certain circumstances, if authorized by the PHA, a family may use its voucher to purchase a modest home. (Source: HUD)

Asset Management

The Manager is constantly refining and improving its asset management process. Using the latest technology at their disposal and data analytics techniques, they can achieve a holistic overview of their investments and the performance of the various assets.

Operating Expense Tracker


By managing their investments in house, they have access to even more data that helps them to stay on top of their strategy and achieve top-level investor returns. They conduct a monthly review of rent collections and operational expenses. They also utilize AppFolio for both property management and investment management, allowing their team to easily analyze data and present quarterly reports to their investors.

For their ground-up developments and heavy value-add projects, they present a monthly report with photos, updates from their construction managers, as well as budget-to-actual reports. Asset management goes beyond the scope of property management. While they are in constant communication with their property.

Leasing Tracker

They conduct weekly meetings with both their in-house and third party leasing teams to discuss current vacancies, future availabilities, unit turnovers, and marketing strategies. They also monitor rent collections on a weekly basis and instruct their operations team to keep comprehensive notes of tenant communications to ensure tenants who do fall behind get caught up quickly on past due payments. They monitor the operational expenses on a monthly basis with their department heads and strategize future operational performance decisions based on their review of current and future market conditions.

Rent Collection Tracker

Golden Bee Properties

Golden Bee Properties is part of a family of companies that work together to manage all aspects of real estate investing.

  • Property Management

    Golden Bee Management is a wholly owned and vertically integrated property management company handling all of Golden Bee Properties’ leasing, maintenance, rent collection, accounting, reporting, legal, and portfolio analysis.

  • Construction & Design

    Golden Z Construction provides in-house construction and remodeling work for assets held by Golden Bee Properties and other third-party clients. Golden Z Construction is also the selected construction servicing agent for Zillow, Opendoor, Redfin, and Invitation Homes in the Greater Southern California region.

  • Realty

    Golden Bee Realty works alongside its sister companies to provide full-service real estate acquisition and disposition services and assists third-party clients with the purchase of commercial real estate assets.

  • Investor Relations

    Golden Z Holdings works in tandem with our inhouse property management company to drive performance through targeted underwriting, vertically-integrated asset management, and a deep understanding of the local real estate market.


Golden Bee Management

The Golden Bee Management team manages more than 900 units out of their Los Angeles based office. Despite moving their office staff to majority-remote work beginning in March 2020, productivity has improved as a result of their greater reliance on all the digital tools we have at their disposal. Controlling property management functions allows for a seamless passing of the baton between the asset management functions of Golden Bee Properties and the day-to-day work of property management. GoldenBee Management manages properties for TriWest development and FundRise.

  •  
  •  

Golden Z Construction

Golden Z Construction is a California licensed construction company that provides in-house construction services for residential buildings in the greater Los Angeles area. With local leadership and trusted subcontractors, they actively manage the construction process from design to the finish line. Being owners and asset managers as well through our affiliated entities, they know how to do quality control checks and oversight better than most.

In addition to working for its affiliated entities, Golden Z Construction also acts as a construction service provider for Zillow, Invitation Homes, Opendoor, and Redfin. They have built out a vast network of subcontractors allowing their team to oversee projects small and large. They have gained the trust of these national corporations over the years and take that same mindset to the projects they work on for their affiliated entities.

Finally, with its own in-house design and purchase order team, Golden Z Construction also has immense purchasing power with Home Depot and other material providers. In 2020, Golden Z Construction received an average 17% reduction off retail pricing due to its high volume of purchases. This savings is passed on to the investors of its affiliated entities.

Golden Z Construction clients include:

Target Investment Market

Golden Bee Properties has more than a decades worth of experience investing in Los Angeles, California and Las Vegas, Nevada. They’ve built a stronghold in these markets and are bullish about their future potential. Moreover, the XPress West high-speed rail project is slated to begin construction this year, and will connect Las Vegas to Los Angeles. It will only serve to strengthen the connection between these two metros. Southern cities account for two-thirds of urban population growth in the US. According to Census data, 10 of the nation’s 15 fastest growing cities are in the Sunbelt, with population growth in major southern cities averaging nearly 9.5% since 2010, compared with 1.8% and 3.0% in the Northeast and Midwest.


LOS ANGELES

Los Angeles, California is the largest city in the State of California and the second largest metropolitan area in the entire United States. It has a powerhouse economy, powered by a diverse set of industries from entertainment to tourism. It is also home to America's busiest shipping port and the largest manufacturing base in the country.




  • Los Angeles - Long Beach - Anaheim
  • Population of City of LA: 3,979,576
  • Population of LA County: 10,039,107
  • Median Household Income (LA County): $77,300 (2020)6
  • Median Household income change over last decade: Increased 39.3% from $55,476 in 2010
  • Vacancy Rate: 4.0% (ACS)

LAS VEGAS

Las Vegas, Nevada is the tourism and convention capital of the country and has been experiencing rapid expansion and maturation as a major city in the United States. There has been a recent expansion of professional sports teams and construction of multiple world class sports arenas and entertainment venues.



  • Las Vegas - Henderson - Paradise 3,979,576
  • Population of City of Las Vegas: 651,319
  • Population of Clark County: 2,266,715
  • Median Household Income (Clark County): $62,107 (ACS 2019)
  • Median Household income change over last decade: 10.4% Increase from $56,258 in 2010
  • Vacancy Rate: 8.8% (ACS)


Submarket Spotlights



  • INGLEWOOD SOUTH LA

    South Los Angeles and Inglewood are home to the newly completed SoFi Stadium, home to the Los Angeles Rams and Charges. The stadium will host to Super Bowl LVI in 2022,The College Football Playoff National Championship in 2023, and the 2028 Summer Olympics, all bringing increased revenue and jobs to the area. The region is also home to the new Metro Crenshaw/LAX Line that will extend from the existing Metro Exposition Line at Crenshaw and Exposition Boulevards.The Line will travel 8.5 miles to the Metro Green Line and will serve the cities of Los Angeles, Inglewood and El Segundo.

    • Vacancy Rate:
      1.0%
    • Median Rent:
      1 BD: $1,595
      2 BD: $2,000
      3 BD: $2,975


  • LAKE
    BALBOA

    Lake Balboa is a suburban district in the San Fernando Valley region of the City of Los Angeles. The San Fernando Valley is known as the preeminent suburb of the Los Angeles region, if it were its own city it would be the fifth largest city in the country. Lake Balboa is conveniently situated next to the 405 Freeway for easy access to the Westside and Downtown Los Angeles. Nearby amenities include: Lake Balboa Park, Orange Metro Line, Japanese Garden, Sepulveda Basin Rec Area, and the Van Nuys Golf Course.

    • Vacancy Rate:
      5.5%
    • Median Rent:
      1 BD: $1,561
      2 BD: $1,895
      3 BD: $2,829


  • LONG
    BEACH

    Long Beach is California’s seventh largest city and home to the US’s second largest port. The city blends urban sophistication with the relaxed atmosphere of a beachside community. It is home to world-class attractions like the Long Beach Aquarium of the Pacific and the Queen Mary, cutting-edge museums, and a thriving, multifaceted arts and culture scene. In addition to International trade through the port, high technology has also been an important economic engine for the long Beach area.

    • Vacancy Rate:
      4.8%
    • Median Rent:
      1 BD: $1,595
      2 BD: $2,000
      3 BD: $2,895


  • NORTH
    LAS VEGAS

    North Las Vegas is known to be a manufacturing, industrial and warehousing hub for the Las Vegas Valley area. Distribution companies including Amazon's new 850,000 square foot fulfillment center and Sephora's new 715,000 square foot distribution center have dominated the local market over the past two decades. More recently, high-tech businesses, including solar and green technology, and custom manufacturing facilities have moved into North Las Vegas. The City's own North Las Vegas Airport and adjacency to Nellis Air Force Base make it home to many in the military and aeronautics industry.

    • Vacancy Rate:
      7.2%
    • Median Rent:
      1 BD: $1,040
      2 BD: $1,125
      3 BD: $1,700

Timetable of Offering, Acquisitions, Hold Period and Harvesting

CalNeva will raise limited partner equity until 2023, at which time the Fund will have approximately two more years to acquire and rehabilitate assets. CalNeva Fund anticipates holding assets until 2028, at which time the Liquidation and Harvesting Period will commence and run until the Fund closes by 2031.

CalNeva Due Diligence Report

Prepared By: Buttonwood Investment Services LLC - August 18, 2021

Building Wealth In Real Estate - CityVest

CityVest requires that all Investment Fund Managers/General Partners meet certain minimum criteria when being considered for inclusion on the CityVest platform. Buttonwood Investment Services LLC has been engaged by CityVest to conduct a third party due diligence verification on the following aspects of the investment fund manager:

  • Current property portfolio
  • Principal experience
  • Manager/GP Co-investment
  • Property sales/dispositions
  • Principal succession
  • Background check/review

Buttonwood has verified the due diligence information and below is a review of the findings.

Building Wealth In Real Estate - CityVest

Golden Bee Properties
3213 Brazos Street
Las Vegas, NV 89169

www.goldenbeeproperties.com

Real Estate Acquisition Experience

Buttonwood has verified that the Fund Principals have a minimum level of $50 million of combined lifetime acquisition cost as a General Partner or Managing Member of an entity that owns real estate. Applicable experience includes those situations where the Principals had equity invested and at risk in the project(s) and day-to-day involvement in the management and ownership of the project(s).

Criteria Has Been Met

Current Portfolio Value:

$111,840,500

Value of Property Dispositions:

$111,329,400

Failed Project Investor Equity Lost:

$0

Real Estate Principal Experience

Buttonwood has verified that the Fund Principals have a minimum level of combined lifetime experience in the real estate field. The Combined Minimum Principal Experience is 15 Years and a Principal is defined as someone who was a General Partner or Managing Member of an ownership entity with real cash equity invested, and at risk, in the project and with day-to-day involvement in ownership.

45+ Years Combined

True Principal Experience

45+ Years

Investment Fund Governance

Buttonwood has verified that the Investment Fund Governance follows the highest level of fidiciary standards by utilizing an independant audiotr as well as a third-party fund administrator.

Criteria Has Been Met

Fund Auditor: Verivest
Audit of all Sponsor Verification & Monitoring of the Fund and Fund Investments

Validated

Fund Administrator: AppFolio Investment Manager
Investment management web portal

Validated

Key-Man Succession Insurance

Buttonwood has verified that the Fund maintains a “key man” insurance policy on at least one or more key members of Manager/General Partner management. This requirement is in place to ensure that the Managing entity has the financial resources to maintain operations in the event that a key Principal is incapacitated.

Policies must have the following provisions:
• The policy names the Manager/General Partner or the underlying project entity as the entity to be paid upon exercise of the policy.
• The policy has a minimum coverage amount of $1 Million.

Criteria is Pending

Policy Payable Party

Pending
Policy is in process

Policy Coverage

Pending
Policy is in process

Manager/General Partner Co-Investment

Buttonwood has verified that the Fund Partners invests in the funds they are offering alongside their investors.

Investment requirements include:
• An investment of at least 2.50% of the total targeted raise amount; or
• A minimum investment of $500,000.

Criteria Has Been Met

Manager Co-investment

Validated

Manager Co-investment Amount

$1,500,000

Public Information Search

Buttonwood has reviewed publicly available information sources to confirm management identity and claims. Further, this review is conducted to help identify any objectionable material that may demonstrate character issues or that may impact the Manager’s ability to successfully manage real estate assets.

Criteria Has Been Met

Adverse Reporting/Articles/Findings

Web search for relevant news articles and reporting on any sponsor or manager activities that may impact or inform their ability to manage real estate.

None Reported

Adverse Social Media Profiles

Search of common social media platforms for profiles that contain offensive content or material relevant to ones moral turpitude.

None Reported

LinkedIn Search

Search of LinkedIn to confirm professional experience conforms with reported experience.

Validated

FINRA Broker-Check

Buttonwood has reviewed FINRA databases to confirm that all Principals are screened to identify any past disciplinary actions related to employment at brokerage firms.

No Actions

SEC Filings

Buttonwood has reviewed all filings made by the manager to the SEC. The Securities and Exchange Commission (SEC) requires certain financial statements and other formal documents to be submitted to them regularly. Public companies, certain company insiders–which the SEC defines as officers, directors, major stockholders, and employees of a public company–and broker-dealers are required by the SEC to make regular filings. Financial professionals and investors rely on the information that the SEC makes public in order to make prudent decisions when they are evaluating a company for investment purposes.

None Reported

Management Background Review

Buttonwood conducted a background search on the primary principals of the Manager/General Partner as well as on the primary entities. This background check is designed to reveal liens, claims, judgements, bankruptcies, criminal convictions, lawsuits, etc.

No Issues Found

Lawsuits

None Reported

Other Legal Matters Current or Pending

None Reported

Criminal Filings and Convictions

None Reported

Judgements and claims

None Reported

Bankruptcies

None Reported

Liens (greater than $10,000)

None Reported

UCC Defaults

None Reported

Buttonwood Diligence Disclaimer

This above Due Diligence Report including all information disclosed (“Report”) by Buttonwood Investment Services LLC is intended to be used for informational and discussion purposes only. Furthermore, this Report is not intended to cover all facets of the due diligence process that a potential investor may require and this Report is not designed to replace those due diligence efforts. This Report is simply designed to provide basic summary information pertaining to a Manager or General Partner and it should be noted that Buttonwood Investment Services is not involved in any decisions made by CityVest Capital Inc or the individual investor and makes no recommendations regarding specific investment opportunities. This report has been prepared for and is to be used exclusively by CityVest Capital Inc., unless as otherwise specifically indicated in the report.

CalNeva Fund Management Team

CalNeva has assembled a team of motivated real estate professionals with a combined 100+ years.

  • David Berneman

    David Berneman

    Chief Executive Officer

  • Isaac Berneman

    Isaac Berneman

    Chairman

  • Candice Berneman Kahn

    Candice Berneman Kahn

    Chief Operating Officer

  • Jonathan Zadok

    Jonathan Zadok

    Chief Development Officer

Chief Executive Officer

David is the founder and Chief Executive Officer of Golden Bee Properties, overseeing the acquisition and asset management of the real estate portfolio, managing the investment, property management and development teams, and creating strategic partnerships with investors from around the globe.

Chairman

Isaac is the founder and Chairman of Golden Bee Properties, serving in an advisory capacity for all legal and contractual matters, as well as consulting on the business's strategic growth efforts including prospective acquisitions and dispositions.

Chief Operating Officer

Candice is the Chief Operating Officer of Golden Bee Properties, overseeing all day-to-day operations, auditing accounting and preparing monthly reports and meetings with client property owners, managing budgets for active construction projects and acting as the liason with all of our banking and lending partners.

Chief Development Officer

Jonathan is the Chief Development Officer of Golden Bee Properties, overseeing the company's real estate development efforts, working along side his partners and third parties to direct all construction efforts, as well as creating and monitoring construction budgets.

  • Martin Berneman

    Martin Berneman

    Chief Construction & Design Officer

  • Jamie Smuckler

    Jamie Smuckler

    Investments Associate

  • Joseph Peraza

    Joseph Peraza

    Director of Maintenance

  • Erik Linartas

    Erik Linartas

    Director of Leasing

Chief Financial Officer

Martin is the Construction & Design Officer of Golden Bee Properties, leading the design of the company's development projects from pre-development stages to finishing touches, conducting visits of active construction sites, communicating the company's vision to subcontractors, strategizing the design of unit turnovers, as well as creating and monitoring construction budgets.

Director of Logistics and Design

Jamie is an Investments Associate at Golden Bee Properties, responsible for the strategic development of the firm's acquistion and asset management efforts, creating and maintaining asset management performance trackers, quarterly investor reporting, and administering the investor and property management databases.

Director of Maintenance

Joseph is the Director of Maintenance at Golden Bee Properties, responsible for coordinating unit turnovers, managing all vendor relationships, and overseeing a maintenance team, including all office and field staff. In addition, Joseph manages all housing voucher program inspections and takes appropriate action to address any violations. He also acts as the firm's representative in any unlawful detainer actions and works with the CEO and asset management team to ensure maintenance expenses are achieving the benchmarks set forth in each asset's proforma.

Director of Leasing

Erik is the Director of Leasing at Golden Bee Properties, responsible for managing the leasing team, creating and maintaining partnerships with housing choice voucher programs, creating and amending lease agreements in accordance with the law, and overseeing the marketing efforts of available units and building relationships with third party rental agencies.

  • Jenn Gers

    Jenn Gers

    Director of Construction & Design

  • Harrison Glasky

    Harrison Glasky

    Operations Associater

  • Cesar Naranjo

    Cesar Naranjo

    Operations Associate

  • Mike Hindman

    Mike Hindman

    Maintenance Supervisor

Director of Construction & Design

Jenn is the Director of Construction & Design at Golden Bee Properties, responsible for sourcing and designing the interior and exterior spaces of all construction projects, studying design trends and adapting designs to the local character of the neighborhood, growing and maintaining key partnerships with vendors, and coordinating efforts between the construction & design department and third party contractors.

Operations Associate

Harrison is an Operations Associate at Golden Bee Properties, responsible for accounts payable and receivable for all internally owned properties. He is the lead accounting team member handling all of Golden Z Construction's affairs and chief liaison to all third party accounting and auditing staff. Harrison also coordinates vendor payments.

Operations Associate

Cesar is an Operations Associate at Golden Bee Properties, responsible for managing and coordinating legal notices and eviction proceedings between the operations department and our legal team, scheduling and deploying maintenance tech workers to handle work orders, and communicating with utility companies to manage services for vacant units and active construction projects.

Maintenance Supervisor

Mike is a Maintenance Supervisor at Golden Bee Properties, responsible for supervising the in- house maintenance staff as well as third party vendors and contractors that handle unit turnovers. He oversees a crew of 5 maintenance technicians dispatched to various locations across the Los Angeles area on a daily basis.

  • Alex Galvez

    Alex Galvez

    Maintenance Associate

  • Danniel Gilmore

    Danniel Gilmore

    Project Managerr

  • Xander Brennan

    Xander Brennan

    IT Admin & Brand Manger

  • Angel Martinez

    Angel Martinez

    Leasing Sr. Associate

Maintenance Associate

Alex is a Maintenance Associate at Golden Bee Properties, responsible for dispatching vendors to maintenance requests, completing unit turn over inspections, maintenance work coordination and acting as a liaison between tenants and vendors.

Project Manager

Danniel is a Project Manager at Golden Bee Properties, responsible for managing all of Golden Z Construction's subcontractors and vendors. He coordinates all site visits with our iBuyer partners, including Zillow, Redfin, Opendoor, and Invitation Homes. In addition, he provides extensive review and quality control of all in house unit turnover work.

IT Admin & Brand Manger

Xander is the Information Technologies Manager at Golden Bee Properties, responsible for managing and securing the company's internal communication and data storage systems, updating and deploying employee devices, serving as webmaster for all company websites, acting as tech support to all employees, managing the company's branding and social media web presence, and advising executives on software solutions to enhance employee productivity.

Leasing Sr. Associate

Angel is a Leasing & Operations Associate at Golden Bee Properties, responsible for marketing and leasing units, negotiating and executing leases, and coordinating and scheduling unit showings with third party leasing agents. With his years of experience, he also assists the operations and maintenance departments with ad-hoc projects.

  • Wes Earley

    Wes Earley

    Leasing Agent

Leasing Agent

Wes is a Leasing Agent at Golden Bee Properties (also affiliated with Coldwell Banker), responsible for marketing and leasing units, negotiating and executing leases, and working directly with the Director of Leasing and Golden Bee Properties' in-house leasing team.

CalNeva Track Record

This Track Record page includes the following sections: Realized / Sold Properties Previously Acquired by the Manager; Properties Previously Acquired by the Manager that have not yet been Realized or Sold; Currently Owned Assets by CalNeva Fund; Case Studies of Previously Acquired Individual Properties;


Realized / Sold Properties

The following chart of properties that have been previously acquired by the Manager since 1998 and subsequently sold or realized by 2021. The aggregate purchase price for the properties was $62 million and the aggregate sale price was $111 million. The average IRR was approximately 67% and the equity multiple was 4x. The properties are predominately in Los Angeles.

CalNeva Properties

Un-Realized Properties

Below is a chart of properties that have been previously acquired by the Manager but have not been y sold or realized yet. The aggregate purchase price for the __ properties was $105 million and the estimated current value is $144 million. The estimated average IRR is approximately 21% and the equity multiple is 3x. The properties are predominately in Los Angeles.

CalNeva Properties

Current Properties that are part of CalNeva Fund

Manchester

Los Angeles, California

fund

Investment Summary

  • 132 Unit Ground Up Construction Project
  • Strategy: Buildout, refinance and hold for roughly 5 to 7 years. Projected project level internal rate of return (IRR) of roughly 25.0%.

Investment Summary

Location

Los Angeles, CA

Acquisition Cost

$5,250,000

Construction Cost:

$27,000,000

Stabilized Value

$47,500,000

Assett Class

Multi-Family Housing

Purchase Date

In Escrow (est. 12/1/21)

Business Plan

Value-Add

# of Units

132

Hold Term

5-7 Years

Return on Cost

6%

Projected IRR

25%


(*) Fund returns and yields are not guaranteed.

(1) Return Projections based on 5-year hold period and drawn from sponsor’s proforma model.

(2) IRR & Equity Multiple metrics are calculated gross of any fund-level promote or management fees.

BALZAR

Las Vegas, Nevada

fund

Investment Summary

  • 48 Unit Former LIHTC Property
  • Strategy: With 72% Leverage at 3.5% interest from Cathay Bank, Sunset Park (Balzar) is intended to be held for roughly 5-7 years with upgrades to the units completed as units become available. Cash on cash will start at roughly 8.0% in Year 1 and IRR is projected to be approximately 18%

Investment Summary

Location

Las Vegas, NV

Acquisition Cost

$6,700,000

Going-In Cap Rate

5.6%

Price per Unit

$139,000

Assett Class

Multi-Family Housing

Purchase Date

09/30/21

Business Plan

Value-Add

# of Units

48

Hold Term

5-7 Years

Projected IRR

18%


(*) Fund returns and yields are not guaranteed.

(1) Return Projections based on 5-year hold period and drawn from sponsor’s proforma model.

(2) IRR & Equity Multiple metrics are calculated gross of any fund-level promote or management fees.

DOOLITTLE

Las Vegas, Nevada

fund

Investment Summary

  • 56 Unit Former LIHTC Property
  • Strategy: With 72% Leverage at 3.5% interest from Cathay Bank, Sunset Palms (Doolittle) is intended to be held for roughly 5-7 years with upgrades to the units completed as units become available. Cash on cash will start at roughly 9.0% in Year 1 and property level IRR is projected to be approximately 18%.

Investment Summary

Location

Las Vegas, NV

Acquisition Cost

$8,000,000

Going-In Cap Rate:

5.8%

Price per Unit:

$143,000

Assett Class

Multi-Family Housing

Purchase Date

06/30/21

Business Plan

Value-Add

# of Units

56

Hold Term

5-7 Years

Projected IRR

18%


(*) Fund returns and yields are not guaranteed.

(1) Return Projections based on 5-year hold period and drawn from sponsor’s proforma model.

(2) IRR & Equity Multiple metrics are calculated gross of any fund-level promote or management fees.

Case Studies of Previously Acquired Individual Properties

11th Ave

Los Angeles, California

fund

Investment Summary

  • 56 Total Units
  • Since purchase in early 2015, this South Los Angeles asset has undergone a rehab and remodel of half of its 26 units, increasing the assets value by 188%. The investors received all of their initial capital investment back within approximately two years and sold the asset within five years.

Investment Summary

Location

Los Angeles, CA

Purchase Price:

$3,584,000

Sale Price

$6,750,000

Property Class

C

Square Feet

23,874

# of Units

26

Year Built

1964

IRR

35.7%

Equity Multiple

2.90x

Hold Term

5 Years


LB3 PORTFOLIO

Long Beach, California

fund

Investment Summary

  • 50 Total Units
  • This portfolio of three multifamily properties in Long Beach underwent a rapid overhaul in just one year, remodeling 40 of its 50 units. Jut one year later the assets were sold providing investors with a 40% return on their equity.

Investment Summary

Location

Long Beach, CA

Purchase Price:

$8,350,000

Sale Price

$11,750,000

Property Class

C

Square Feet

33,865

# of Units

50

Year Built

1959

IRR

14.6%

Equity Multiple

1.40x

Hold Term

2 Years


WOODLEY

Van Nuys, California

fund

Investment Summary

  • 24 Total Units
  • Since purchasing the property in 2019, it has undergone a substantial gut remodel. In late 2020, all 24 units were leased even despite a pandemic and an economic downturn, the property was sold soon thereafter.

Investment Summary

Location

Van Nuys, CA

Purchase Price:

$5,300,000

Sale Price

$8,500,000

Property Class

B

Square Feet

17,194

# of Units

24

Year Built

1979

IRR

13.5%

Equity Multiple

1.28x

Hold Term

2 Years


Eucalyptus

Inglewood, California

fund

Investment Summary

  • 7 Total Units
  • With a $400,000 capital improvement plan, Golden Bee Properties gutted and rehabbed this seven unit property located in City of Inglewood. In just 13 months, Golden Bee Properties repositioned, re-leased and sold this asset for a gross profit of nearly $600,000.

Investment Summary

Location

Inglewood, CA

Purchase Price:

$1,810,000

Sale Price

$2,850,000

Property Class

B

Square Feet

23,874

# of Units

7

Year Built

1987

IRR

48.6%

Equity Multiple

2.00x

Hold Term

1 Year


CEDAR

Long Beach, California

fund

Investment Summary

  • 8 Total Units
  • Purchased in 2017, this Long Beach property was gutted and all eight units were rehabbed, increasing the assets value by 56%. In March 2018, the asset was sold, approximately 12 months after purchase providing investors with an over 45% internal rate of return

Investment Summary

Location

Long Beach, CA

Purchase Price:

$1,437,500

Sale Price

$2,240,000

Property Class

C

Square Feet

6,802

# of Units

8

Year Built

1970

IRR

45.3%

Equity Multiple

1.86x

Hold Term

1 Year


1754 PINE AVE

Long Beach, California

fund

Investment Summary

  • 11 Total Units
  • With a $300,000 capital improvement plan, Golden Bee Properties gutted and rehabbed this 11 unit property located in the City of Long Beach. In just 9 months, Golden Bee Properties repositioned, released and sold this asset for a gross profit of over $1 million.

Investment Summary

Location

Long Beach, CA

Purchase Price:

$1,290,000.00

Sale Price

$2,295,000

Property Class

B

Square Feet

8,532

# of Units

26

Year Built

1964

IRR

50.1%

Equity Multiple

1.78x

Hold Term

1 Year


MARKET

Inglewood, California

fund

Investment Summary

  • 16 Total Units
  • Golden Bee Properties gutted and rehabbed this 16-unit property located in the City of Inglewood and was able to reposition, re-lease and sell it in just 2 years for a gross profit of $2,700,000. All investors took their profits and redeployed them into Golden Bee Properties' first Opportunity Zone Fund.

Investment Summary

Location

Inglewood, CA

Purchase Price:

$3,500,000

Sale Price

$6,200,000

Property Class

B

Square Feet

13,918

# of Units

16

Year Built

1964

IRR

89.0%

Equity Multiple

2.57x

Hold Term

2 Years


CalNeva Access Fund LLC

The following CalNeva Access Fund documents are available to view:

  • Investor Document Package CalNeva Access Fund

  • Entity Investor Document Package CalNeva Access Fund

  • CalNeva Wire Instructions

  • Accredited Investor
    Verification Letter

CalNeva Workforce Housing Fund Terms

The following CalNeva Fund Documents are available to view:

  • Executive Summary

    The Presentation provides an overview of CalNeva Workforce Housing Fund and investing in multifamily communities.

  • PPM

    The Private Placement Memorandum (PPM) for prospective investors for the CalNeva Workforce Housing Fund.

  • Subscription Agreement

    The Subscription Agreement for prospective investors for the CalNeva Workforce Housing Fund.

  • Operating Agreement

    The Operating Agreement for the CalNeva Workforce Housing Fund.

CalNeva Access Fund LLC Terms

Investment Summary

Fund

CalNeva Access Fund LLC (the “Access Fund”)

Fund Managing Member

CV Manager LLC

Access Fund Administrative Fee

The Access Fund will pay CV Manager 1.75% of the Access Fund capital per year for administration and information functions available through the CityVest Investment Dashboard. For investments of $100,000 to $200,000 by an investor, the Administration Fee will be reduced in half in the first year through a rebate of 0.875% back to the investor. For investments over $200,000 by an investor, the Administration Fee will be zero in the first year through a rebate of the full 1.75% fee back to the investor.

Organizational Expenses

The Access Fund will pay CV Manager a one-time fee of $50,000 for organizational and formation expenses.

Minimum Investment Amount

$25,000 on a first-come, first-served basis for up to 99 investors.

Commissions

There are no selling commissions, marketing allowances or broker dealer fees.

Distributions

Quarterly, paid out of distributions as received from CalNeva

Targeted Fund Amount

Estimated $3,000,000

Investment Closing Steps

You may initiate your investment by clicking “Invest Now” and following the instructions.

Step 1. DocuSign. Documentation through DocuSign should be completed as soon as possible as investments are accepted on a first-come, first-served basis.
Step 2. Accredited Verification form or documents should be sent immediately after DocuSIgn is completed.
Step 3. Wire Transfer can be sent after the DocuSign is completed, and it will be required within 5 days of request, which will occur when 99 investors have subscribed or as late as October 13th.

There is a closing date of October 13th or sooner if the Access Fund reaches 99 investors.

Term

8 years from the CalNeva Fund offering closing

Investment Return

The Access Fund has negotiated a side-letter agreement with CalNeva Workforce Housing Fund to receive a 12% preferred return, followed by 80% of the remaining profit. The Access Fund will then distribute 100% of such amounts received after fees to the Access Fund investors pro rata to their respective capital account.

Fund Administration/Accounting

Accounting, tax and other administration services may be provided by third party providers at the expense of the Access Fund.

CalNeva Workforce Housing Fund Terms

Investment Summary

Investment Manager

Golden Z Holding LLC, an affiliateof Golden Bee Properties("Manager")

Targeted Return

13%-18% Net IRR

Preferred Annual Return

Access Fund:
12% Preferred Return

Direct Investors:
8% Preferred Return

Profit Split Over Preferred Return

Access Fund:
80% Investors / 20% CalNeva Management

Direct Investors:
75% Investors / 25% CalNeva Management

Management Fee

Administrative Fee: 1% of capital
Property Management: Up to 5% of gross rental income
Real Estate Commissions: Up to 2% of purchase price

Fund Term

8 years from the CalNeva Fund offering closing

Revised Target Fund Size

$30,000,000

Fund Administrator

Verivest

Legal Counsel

Friedman + Associates

Auditor

Weiss Accounting LLP

Investment Manager Investment:

5% of Fund, up to $1.5 million

Important Disclosure Statement for CalNeva:

An investment in the units of CalNeva is speculative and risky. No assurance can be given that investors will realize their investment objectives or will realize a substantial return (if any) on their investment. Investors should be able to bear the complete loss of their investment in CalNeva. For this reason, each prospective subscriber for CalNeva should carefully read CalNeva’s Private Placement Memorandum (“Memorandum”) and all Exhibits to the Memorandum. Each prospective subscriber should consult with his attorneys, accountants, and business advisors prior to making an investment in CalNeva. Only qualified, eligible investors may invest in CalNeva.

CalNeva will invest in multifamily, residential real estate, which includes apartment and student housing. As such, investment in the Units does not constitute a diversified investment. CalNeva intends to diversify its investments by investing in multiple multifamily residential properties throughout the United States. CalNeva intends to hold approximately 20 properties with no single investment representing more than 20% of CalNeva's total invested capital. Anticipated portfolio characteristics may differ from actual portfolio holdings. An inability to raise substantial funds in this Offering could also result in substantial limitations on CalNeva’s ability to achieve a diversified portfolio of assets.

Because this is a blind pool offering, investors will not have the opportunity to evaluate investments before CalNeva makes them, which makes an investment in CalNeva more speculative. The investors must rely on the management of CalNeva and to make all investment decisions. There can be no assurances or guarantees that CalNeva’s investment objectives will be realized or CalNeva’s investment strategy will prove successful.

An investment in CalNeva may be affected by a number of factors beyond the control of the management of CalNeva that will affect the value of CalNeva’s investments. These include risks typically associated with investments in residential real estate that produce income such as increased vacancy rates, re-letting risk, or decreased rental rates, adverse changes in general economic conditions or local conditions that may reduce the demand for multifamily residential properties, changes in the demand for or supply of competing properties in an area, unanticipated holding costs, the availability and cost of necessary utilities and services, changes in real estate tax rates and other operating expenses, changes in governmental rules and fiscal policies, changes in zoning and other land use regulations, environmental risks such as mold contamination or environmental claims that could be made against CalNeva, and natural disasters, most of which are not covered by insurance.

CalNeva will operate in a highly competitive market for investment opportunities. CalNeva's profitability depends, in large part, on the ability to acquire profitable investments. In doing so, CalNeva will compete with numerous other entities and individuals engaged in real estate investment activities, many of which have greater financial, technical, marketing, and other resources than CalNeva. Poor performance of the investment management in selecting investments for CalNeva, or poor performance of any investment, could adversely affect the profitability of CalNeva and the overall return to the investors.

CalNeva may make investments through a joint venture or co-investment arrangement. Such arrangements may be on terms that limit CalNeva’s ability to control the investments and to receive returns on those investments.

Adverse economic conditions may adversely affect the ability of CalNeva to obtain financing. Unfavorable financing terms or the inability to obtain financing would adversely affect the operating results of CalNeva. The high level of leverage on the properties increases the debt service risks and the likelihood of foreclosure. CalNeva's borrowing of capital increases the risks of adverse effects on CalNeva's financial condition.

The investment manager of CalNeva has a limited operating history and track record upon which prospective investors may base an evaluation of its likely performance. Prospective investors should not rely on the past success of the investment manager's affiliates. The success of CalNeva is significantly dependent upon the expertise of certain investment or support personnel and any future unavailability of their services could have an adverse impact on the CalNeva’s performance. The General Partner and a majority of Limited Partners may agree to amend the CalNeva Agreement, which could be adverse to some limited partners. It is impossible to predict accurately the results from an investment in the CalNeva because of general risks associated with the complete reliance on the General Partner and its affiliates to identify and negotiate the investments to be acquired by CalNeva.

The proposed method of operation of CalNeva creates certain inherent conflicts of interest among the CalNeva, CalNeva, the General Partner and their affiliates. The liability of the investment manager is limited. CalNeva and its affiliates may compete with CalNeva's investments and may provide services to the CalNeva or Property Owners. CalNeva may make direct investments in affiliates of the investment manager. The investment manager may have conflicting fiduciary obligations with respect to the allocation of investment opportunities. The investment manager and its affiliates will receive compensation and reimbursements. Certain compensation to the investment manager and its affiliates has not been established by arms-length agreement. CalNeva's and the investment manager's officers and agents will engage in other management activities. A single legal counsel will represent CalNeva, the investment manager, CalNeva and their affiliates.

The investment manager may have conflicting fiduciary obligations when making investments through a joint venture or co-investment with an affiliate of the investment manager. These transactions may not be the result of arm's-length negotiations and may involve conflicts between the CalNeva's interests and the interests of the investment manager and its affiliates. The investment manager will use reasonable efforts to ensure that the terms and conditions of such transactions will be no more favorable to the affiliate than could be obtained by arms-length negotiations with an independent third party.

An investment in CalNeva is illiquid. No public or other market will develop for the Units. These securities are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act of 1933, as amended and the applicable State securities laws, pursuant to registration or exemption there from. Prospective investors should be aware that they will be required to bear the financial risks of any investment in these securities for an indefinite period of time.

Units of CalNeva are offered without registration under any securities laws due to a reliance on an available exemption. Although, CalNeva’s offering documents are not reviewed or approved by federal or state regulators, CalNeva must comply with a variety of legal and compliance requirements. Failure to comply with the requirements for a private offering exemption would adversely affect CalNeva. Maintenance of an Investment Company Act exemption may impose limits on CalNeva's operations, and if CalNeva becomes subject to the Act, CalNeva would likely be unable to continue its business.

To the extent Fund cash flow permits, the investment manager intends to make monthly distributions to the Limited Partners, however, the investment manager may reinvest all or a portion of proceeds received from CityVest on or before December 31 2020, rather than using such proceeds to make distributions to the Limited Partners. Prospective investors should be aware that the sole source of cash from which CalNeva will make cash distributions on the Units will be from revenues received from investments made by CalNeva. No assurance can be made that CalNeva will receive sufficient return on its investments to enable it to make any distributions to the Limited Partners.

Certain statements included in this presentation constitute "forward-looking statements" and are subject to a number of significant risks and uncertainties. Any such forward-looking statements contained herein should not be relied upon as predictions of future events. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "could" "would likely," "should," "seeks," "approximately," "intends," "plans," "estimates," "anticipates," "continue" or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions. Such forward-looking statements are subject to numerous risks and are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and may not be realized. In that regard, actual results may differ materially from those in forward-looking statements. As a result of the foregoing, no assurances can be or are given as to future results of operations or financial condition of CalNeva.

CalNeva’s investment approach has complex tax implications for investors. These ramifications should be reviewed carefully and applied to each investor’s individual circumstances. CalNeva may involve structures or strategies that may cause delays in important tax information being sent to investors. You should obtain investment and tax advice from your advisers before deciding to invest.

This material includes certain statements, estimates and projections of CalNeva with respect to the anticipated future performance of CalNeva. Such statements, estimates and projections reflect various assumptions of the investment manager that may or may not prove to be correct, and no assurance can be made that CalNeva can or will attain such results. Nothing contained herein is or should be relied on as a promise or representations as to the future performance of CalNeva.

These materials (the “Presentation”) have been provided for informational purposes only and neither constitutes the Memorandum of CalNeva nor provide a comprehensive disclosure of both the terms of investment and risk disclosures associated with an investment in CalNeva. This Presentation is not a complete summary of the terms of CalNeva or the background information of persons associated with the Investment Manager and is qualified in its entirety by, and must be read in conjunction with, the more detailed information included in the Memorandum, the governing documents of CalNeva, the Subscription Agreement of CalNeva and other related documentation.

This Presentation, furnished on a confidential basis to the recipient, is neither an offer to sell nor a solicitation of any offer to buy any securities, investment products or investment advisory services, including units of CalNeva. This presentation is not an advertisement and is not intended for public use or distribution and is intended exclusively for the use of the person to whom it has been delivered. An Offer may be made only by means of the Memorandum. This sales literature must be accompanied or preceded by that memorandum and read in conjunction therewith to fully understand the implications and risks of the securities to which it relates.

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The information on this website does not constitute an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any investment or security described herein. Any such offer or solicitation shall be made only pursuant to the final confidential offering documents of any entity described on this website, which will contain information about each entity’s investment objectives and terms and conditions of an investment and may also describe certain risks and tax information related to an investment therein and which qualifies in its entirety the information set forth herein. The information contained herein does not constitute part of the offering documents of any entity. An investment in any investment included on this website, entails a high degree of risk (including the possible loss of a substantial part, or even the entire amount, of an investment) and no assurance can be given that any entity’s investment objectives will be achieved or that investors will receive a return of their capital. Past returns are not indicative of future performance.

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Value Add

Risk of Loss
Medium 1
Leverage
60-75% 2
Occupancy Rate
Less than 80% 2
Strategy
Heavy Renovations​/Major Retenanting 2
Stable Tenants
Few​/None 2
Hold Period
1-3 Years 2

1 The Risk of Loss is relative to other investment profiles. There is always a risk of total loss.

2 These are typical attributes for this profile of investment and may or may not represent this particular investment.

Single-Family

A single family residence (SFR) is the most common type of home which is a single family detached, stand-alone structure with its own lot intended for one family.

Target Return (IRR)

The estimated annual return which includes both the annual cashflow and the sale proceeds.

Target Annual Cash

The estimated average percentage annual cash return from the investment.

Estimated Hold

Estimated hold period from investment to realization.

Preferred Return

The preferred return or “pref” is a percentage cumulative return on initial investment that investors must attain prior to the investment manager’s participation in the profits.

Fund Size

Trion Fund is raising a maximum of $20,000,000